Differential information economies: Introduction
نویسندگان
چکیده
Since the Cournot-Nash and Arrow-Debreu-McKenzie contributions to equilibrium theory with complete information, two main advances in equilibrium theory with differential information appeared. The first one is by Harsanyi (1967), who introduces differential information into the Cournot-Nash model, and the second one is by Radner (1968), who introduces differential information into the Arrow-Debreu-McKenzie model. Those two papers generated a literature on Bayesian Cournot-Nash equilibrium and on Walrasian expectations equilibrium respectively. In the seventies and eighties there was a growing literature on Rational Expectations Equilibrium (REE), which is a natural extension of the Arrow-DebreuMcKenzie deterministic model of Walrasian equilibrium to a differential information framework. This literature on REE (a non-cooperative equilibrium concept) didn’t provide an adequate explanation as to how prices reveal the same information to agents who are differentially informed, or to put it differently, how agents who have different information obtain the same information from the equilibrium prices. In other words, prices don’t reflect the informational asymmetries of agents and this can be a major criticism of the REE concept under full revelation. A new literature emerges from two early seminal works on cooperative equilibrium concepts with differential information. The first one was by Wilson (1979), who considers the core of an economy with differential information,
منابع مشابه
An Introduction to Differential Computation Analysis (DCA) on the withe-box cryptography algorithms
Advances in information and communication technologies lead to use of some new devices such as smart phones. The new devices provide more advantages for the adversaries hence with respect to them, one can define with-box cryptography. In this new model of cryptography, designers try to hide the key using as a kind of implementation. The Differential Computation Analysis (DCA) is a side channel ...
متن کاملHuman Capital in Information Economies
Introduction What is new about new media? Its development and use is more influenced by economic factors than the old media. And the new media is more central to the new economy. Indeed, an ever more popular theme in the scientific literature, government policy documents and the popular press, is that technologically advanced economies are in the process of moving beyond industrial capitalism t...
متن کاملCore Concepts in Economies where Information is Almost Complete
The paper analyzes the properties of cores with differential information, as economies converge to complete information. Two core concepts are investigated: the private core, in which agents’ net trades are measurable with respect to agents’ private information, and the incentive compatible core, in which coalitions of agents are restricted to incentive compatible allocations. ∗We wish to thank...
متن کاملSpecial issue on IT innovation in emerging economies
Introduction Information and communication technology (ICT) innovation research has concerned itself with researching industrialized high-income regions of the world, with specific reference to large organizations and their innovative abilities. Emerging economies/developing countries have not been considered as a hot bed of innovation. Researchers have preferred to focus on economic and instit...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
عنوان ژورنال:
دوره شماره
صفحات -
تاریخ انتشار 2001